Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,536/mo
Lowest payment- Down payment
- $94,463
- Funds due
- $103,762
- Interest + MI left
- $140,295
- First ends
- Nov 2048
Assumption
Assumption + second
$2,059/mo
+$523/mo- Down payment
- $29,463
- Funds due
- $40,028
- Interest + MI left
- $263,576
- First ends
- Nov 2048
New loan
New conventional
$2,056/mo
+$519/mo- Down payment
- $29,463
- Funds due
- $36,696
- Interest + MI left
- $395,070
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,537 | $195,537 | $260,537 |
| Second mortgage | — | $65,000 | — |
| First P&I | $1,173.50 | $1,173.50 | $1,803.91 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | $163.10 | $163.10 | $52.11 |
| Taxes, insurance & HOA | $199.83 | $199.83 | $199.83 |
| Total housing payment | $1,536.43 | $2,059.44 | $2,055.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,463
Closing costs & prepaids$10,565
Usable credit−$0
Total buyer cash needed$40,028
Earnest money paid−$0
Remaining funds due$40,028
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$149.50
Prepaid interest, first (1 days)$24.38
Prepaid interest, second (1 days)$16.03
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing22 yrOf the original 30-year loan at 4.550%
Interest already paid$77,941Through Nov 2026
Assumption only · ends Nov 2048$140,295
Assumption + second · ends Nov 2048, second Dec 2056$263,576
New conventional · ends Dec 2056$395,070